Opened in Asia at $1.0747 with a gap down from the NY close of $1.0770 after highs of $1.0792. The NFP release on Friday saw some heavy bailing out of longs in EUR/AUD to fresh all time lows of A$1.2168, which helped to underpin AUD/USD throughout the session. Asian markets have begun the weak with some uncertainty over yet another delay to the Greek debt swap deal, which weighed on the EUR/USD and in turn on the AUD. The pair has slipped down from early highs having filled the overnight gap to $1.0710 on weaker retail sales data, general dollar-asia strength and softer Asian bourses, before settling around $1.0715/20. The cross has failed to rally significantly, trading steadily in a A$1,2187-1.2230 range. AUD/NZD fell from NZ$1.2910 to $1.2864 on the weak aussie data before rallying back up to NZ$1.2916 to later settle around NZ$1.2900. Aussie-yen eased from $82.49 to Y82.01 before balancing around Y82.30. Traders are now focused on tomorrow’s RBA meeting with traders looking at a 25bps cut, but demand for AUD remains evident on any significant dip.
EasyForexNews Research Team